As per Lawkidunya, in business law, the term “equity” refers to the principles and body of law that developed in England and was later adopted by other countries. It is a system of law that supplements and complements the formal rules of common law, which is a system of law based on precedent and custom.

The principles of equity are based on fairness and justice, and they aim to provide remedies for situations where the common law does not provide a suitable solution. For example, if a contract is unfair or if someone has been unfairly treated, a court of equity may intervene to correct the situation and provide a remedy.

The main doctrines of equity include:

The Doctrine of Clean Hands: This doctrine holds that a person who seeks equity must come to the court with clean hands, meaning that they must not have acted unfairly or dishonestly in the matter at hand.

The Doctrine of Laches: This doctrine holds that a person who delays in seeking a remedy may be barred from obtaining one if the delay has caused prejudice to the other party.

The Doctrine of Undue Influence: This doctrine holds that a person who has used their power or position to unfairly influence another person’s decision may be required to restore the other person to their original position.

The Doctrine of Estoppel: This doctrine prevents a person from going back on a promise or representation that they made to another person if the other person relied on that promise or representation to their detriment.

These are just a few examples of the principles and doctrines of equity that are relevant to business law. If you have any specific questions about these or other aspects of business law, feel free to ask.